Stock market efficiency: A comparative analysis of Islamic and conventional stock markets

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dc.contributor.author Sajid Ali
dc.contributor.author Syed Jawad Hussain Shahzad
dc.contributor.author Naveed Raza
dc.contributor.author Khamis Hamed Al-Yahyaee
dc.date.accessioned 2018-12-06T06:05:49Z
dc.date.available 2018-12-06T06:05:49Z
dc.date.issued 2018
dc.identifier.uri http://hdl.handle.net/123456789/7913
dc.description.abstract In this paper, we examine the comparative efficiency of 12 Islamic and conventional stock markets counterparts using multifractal de-trended fluctuation analysis (MF-DFA). The full sample results indicate that developed markets are relatively more efficient, followed by the BRICS’ stock markets. The comparative efficiency analysis shows that almost all the Islamic stock markets excluding Russia, Jordan and Pakistan are more efficient than their conventional counterparts. Implying that Islamic stock markets are new, however the peculiar nature, shari’ah compliant laws and good governance and disclosure mechanisms make them more efficient. Further, our results indicate that the Islamic stock markets’ adjustment to speculative activity is, in fact, higher than their conventional counterparts. The findings of the study may help regulators and policy makers to reduce economic distortions through more effective resource allocation. en_US
dc.language.iso en en_US
dc.publisher Bahria University Islamabad Campus en_US
dc.relation.ispartofseries ;doi.org/10.1016/j.physa.2018.02.169
dc.subject Department of Management Science doi.org/10.1016/j.physa.2018.02.169 en_US
dc.title Stock market efficiency: A comparative analysis of Islamic and conventional stock markets en_US
dc.type Article en_US


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